Healthcare Services Group, Inc. (HCSG) Receives New Coverage from Analysts at Credit Suisse Group AG
Stock analysts at Credit Suisse Group AG initiated coverage on shares of Healthcare Services Group, Inc. (NASDAQ:HCSG) in a research report issued on Friday. The brokerage set an “outperform” rating and a $50.00 price target on the business services provider’s stock. Credit Suisse Group AG’s price objective suggests a potential upside of 7.37% from the stock’s current price.
Other equities research analysts have also recently issued research reports about the stock. Stifel Nicolaus upped their price objective on shares of Healthcare Services Group from $46.00 to $48.00 and gave the stock a “buy” rating in a report on Monday, May 1st. Zacks Investment Research cut shares of Healthcare Services Group from a “hold” rating to a “sell” rating in a report on Thursday, February 9th. One analyst has rated the stock with a sell rating, two have issued a hold rating and three have given a buy rating to the stock. The company has an average rating of “Hold” and a consensus price target of $46.25.
Shares of Healthcare Services Group (NASDAQ:HCSG) traded up 1.50% during trading on Friday, reaching $46.57. 324,643 shares of the company traded hands. The firm’s 50 day moving average is $44.94 and its 200-day moving average is $41.23. Healthcare Services Group has a 12-month low of $34.83 and a 12-month high of $47.05. The stock has a market capitalization of $3.40 billion, a P/E ratio of 42.72 and a beta of 0.68.
Healthcare Services Group (NASDAQ:HCSG) last announced its quarterly earnings data on Tuesday, April 11th. The business services provider reported $0.30 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.29 by $0.01. The business had revenue of $404.50 million for the quarter, compared to analysts’ expectations of $416.40 million. Healthcare Services Group had a net margin of 4.95% and a return on equity of 23.71%. The business’s revenue was up 5.1% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.26 earnings per share. On average, equities research analysts anticipate that Healthcare Services Group will post $1.21 earnings per share for the current fiscal year.
The company also recently announced a quarterly dividend, which will be paid on Friday, June 23rd. Stockholders of record on Friday, May 19th will be paid a $0.1875 dividend. This represents a $0.75 annualized dividend and a dividend yield of 1.61%. The ex-dividend date is Wednesday, May 17th. This is an increase from Healthcare Services Group’s previous quarterly dividend of $0.19. Healthcare Services Group’s dividend payout ratio is currently 69.16%.
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In other news, General Counsel Jason J. Bundick sold 4,800 shares of the company’s stock in a transaction that occurred on Friday, March 3rd. The shares were sold at an average price of $41.98, for a total value of $201,504.00. Following the transaction, the general counsel now owns 3,460 shares in the company, valued at $145,250.80. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Daniel P. Mccartney sold 113,901 shares of the company’s stock in a transaction that occurred on Thursday, May 11th. The stock was sold at an average price of $45.87, for a total transaction of $5,224,638.87. The disclosure for this sale can be found here. Corporate insiders own 4.80% of the company’s stock.
Several hedge funds and other institutional investors have recently modified their holdings of HCSG. Fortaleza Asset Management Inc. increased its position in shares of Healthcare Services Group by 161.9% in the fourth quarter. Fortaleza Asset Management Inc. now owns 4,990 shares of the business services provider’s stock valued at $195,000 after buying an additional 3,085 shares in the last quarter. HighTower Advisors LLC purchased a new position in shares of Healthcare Services Group during the first quarter valued at about $202,000. Emerald Advisers Inc. PA purchased a new position in shares of Healthcare Services Group during the first quarter valued at about $204,000. Harfst & Associates Inc. purchased a new position in shares of Healthcare Services Group during the first quarter valued at about $206,000. Finally, Park National Corp OH purchased a new position in shares of Healthcare Services Group during the first quarter valued at about $212,000. Hedge funds and other institutional investors own 93.71% of the company’s stock.
About Healthcare Services Group
Healthcare Services Group, Inc provides management, administrative and operating services to the housekeeping, laundry, linen, facility maintenance and dietary service departments of the healthcare industry, including nursing homes, retirement complexes, rehabilitation centers and hospitals located throughout the United States.
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